India increased steel exports by 31% y/y in April-November

India increased its steel exports (including stainless steel) by 31% year-on-year to 5.77 million tons in April-November of this year (8 months of the 2025/2026 financial year). This is evidenced by preliminary data from BigMint.

The main factors behind the growth were preventive restocking by EU buyers and concerns about the cost of metal products ahead of the introduction of CBAM on January 1, 2026. Supplies to the bloc increased by 45% year-on-year to 2.46 million tons during the period.

Exports of hot-rolled coils (HRC) in January-November increased by 77% year-on-year to 1.68 million tons, cold-rolled coils (CRC) – by 37.1% y/y, to 0.42 million tons, steel semi-finished products – by 80% y/y, to 0.71 million tons, long products – by 24% year-on-year, to 0.44 million tons.

At the same time, stainless steel exports for the first eight months of the current fiscal year decreased by 3% year-on-year, to 0.47 million tons.

Steel imports to India during the period amounted to about 6.54 million tons, down 13% year-on-year. The decline was influenced by a 12% protective duty, which the country temporarily introduced in April for 200 days – this period expired in early November.

It should be recalled that India reached its target steel production capacity of 205 million tons per year in the 2024/2025 financial year. As noted in the report by MP Financial Advisory Services LLP (MPFASL), the country is confidently moving towards its strategic goal of 300 million tons per year by the 2030/2031 fiscal year.